We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Berkshire Hathaway Inc | NYSE:BRK.A | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-4,640.00 | -0.76% | 606,920.00 | 612,739.00 | 606,031.91 | 610,257.51 | 13,575 | 22:30:20 |
Berkshire Hathaway Inc.'s earnings and operating profit rose in the second quarter, largely tied to investment gains.
Results fell short of analysts' projections.
The conglomerate, led by renowned investor Warren Buffett, has been turning to acquisitions as a way to drive profit. The 85-year-old Mr. Buffett has made it known he is open to buying more but, true to his tenets, has also noted the importance of finding the right manager.
Berkshire already pulls in income from a railroads, utilities, industrial manufacturers, home builders, branded-food sellers and even an auto dealership. In January, it folded into its stable aircraft parts supplier Precision Castparts Corp., in what was its largest acquisition to date.
At Berkshire's core is an insurance business, which brings in billions of dollars of "float," the upfront premiums customers pay and which Berkshire is able to invest for its own benefit.
Insurance float, the engine that has fueled Berkshire's expansion, rose to $90 billion in the latest period, while Berkshire's insurance underwriting business, which includes Geico Corp., swung to a $337 million operating profit. Insurance-investment income, meanwhile, edged up to $978 million, and operating profit at the noninsurance businesses—which include the railroad, utilities and energy segments—rose 13% to $1.89 billion.
Over all, Berkshire reported net income rose 25% to $5 billion, or $3,042 a Class A share, while operating profit, which excludes some investment results, rose 18% to $4.61 billion, or $2,803 a Class A share. Revenue rose 6% to $54.46 billion.
Analysts surveyed by Thomson Reuters had projected $2,910.8 a share in operating profit on $56.47 billion in revenue.
Berkshire reported $394 million in investment gains, a three-fold increase from the year-ago period.
Book value, Mr. Buffett's preferred yardstick for measuring net worth, rose 2.9% to $160,009 per Class A equivalent share as of June 30. Last year, Berkshire reported a 2.4% increase in book value for the first six months of the year.
Class A shares closed Friday at $218,010, up 10% for the year.
Write to Maria Armental at maria.armental@wsj.com and Anupreeta Das at anupreeta.das@wsj.com
(END) Dow Jones Newswires
August 05, 2016 17:15 ET (21:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
1 Year Berkshire Hathaway Chart |
1 Month Berkshire Hathaway Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions